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| 1. |
Distinguish between gatt and wto |
| Answer» \tBASIS FOR COMPARISONGATTWTOMeaningGATT can be described as a set of rules, multilateral trade agreement, that came into force, to encourage international trade and remove cross-country trade barriers.WTO is an international organization, that came into existence to oversee and liberalize trade between countries.InstitutionIt does not have any institutional existence, but have a small secretariat.It has permanent institution along with a secretariat.Participant nationsContracting partiesMembersCommitmentsProvisionalFull and PermanentApplicationThe rules of GATT are only for trade in goods.The rules of WTO includes services and aspects of intellectual property along with the goods.AgreementIts agreement are originally multilateral, but plurilateral agreement are added to it later.Its agreements are purely multilateral.Domestic LegislationAllowed to continueNot allowed to continueDispute Settlement SystemSlow and ineffectiveFast and effective\t | |